Geographic, business-line diversity; Many leading positions in large markets; and Good operating cash flow generation capabilities. Exposure to fragmented, competitive and cyclical industries; High capital intensity; and Moderate financial leverage, including potential contingent liabilities. The ratings on Pembroke, Bermuda-based Tyco International Ltd. reflect the company's strong business profile, which benefits from significant business and geographic diversity, material recurring services-oriented revenues, and leading positions in large but fragmented and highly competitive markets that have moderate growth prospects. Tyco's financial profile is characterized by moderate financial leverage, including off-balance-sheet and remaining contingent liabilities, as well as the expectation that the company will pursue overall moderate financial policies that balance strategic and shareholder-friendly priorities while maintaining credit measures. Tyco's largest business segment is
